Wealth Management Terms

Wealth Management and WealthTech is a constantly changing landscape. It can be hard to keep up. Our handy glossary has been designed to help you get to grips with some of the words and terms you might come across – with short, straight-forward definitions. We hope you find it useful.

Omni-Channel Servicing

What is omni-channel servicing? Omni-channel servicing is the provision of several communication channels via which the advisor and client can interact and includes both traditional channels (eg. face-to-face meetings, phone call, email etc.) with newer digital channels (such as real-time messaging, video, voice and real-time collaboration tools). This allows advisors to interact with their clients via their preferred channels from anywhere and at any time – exchanging information and documents all within a secure environment.   

Open API (also see API)

What is Open API? Open API refers to application programming standards that allow connections to be quickly built against standardised and public API definitions. Such API’s allow firms to more quickly integrate systems, and more cost effectively maintain these integrations, streamlining data flow and the user experience.

Open Banking

What is Open Banking? Open Banking is a system that allows customers to share their financial data securely with third-party providers, enabling better financial management and personalised services. See also open wealth.

Open Wealth

What is open wealth? Similar to open banking for personal bank accounts and savings, open wealth is a means to consolidate a client’s wealth into a single location, allowing customers to more easily share a much fuller and more accurate, up to date picture of their financial situation to wealth management firms providing them with wealth services.

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